Problem 16-3A (Part Level Submission) Thakin Industries Inc. manufactures dorm f
ID: 2413449 • Letter: P
Question
Problem 16-3A (Part Level Submission) Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing plants are as follows. Cutting Department Plant1 T12-Tables Plant 2 C10-Chairs Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete 21,600 3,240 60 17,280 540 80 Cost Data-July Work in process, July 1 Materials Labor Overhead $0 410,400 253,152 112,320 $775,872 $0 311,040 118,800 113,184 $543,024 Total (a1) Your answer is correct. For each plant compute the physical units of production T12 Tables C10 Chairs 17280 Units to be accounted for 21600 Click if you would like to Show Work for this question: Open Show WorkExplanation / Answer
answer:
product cost for plant -1
total = 410400+311040
=721440$
total units = 38.21
cost reconilation schedule
transfered out = 18360*38.21 = 701535
work in process material units = 1944*20.212 = 39292
PLANT-2
total cost=311040+231984 = 54302
total units = 18.11+13.5 =31.61
QUANTITIES PHYSICAL UNITS EQ UNITS (MATERIALS EQ UNITS (CONVERSION COSTS) work in progress july 1 unit started into production 21600 total units 21600 units to be accounted (21600-3240) transfered out 18360 18360 18360 work in process on july 31 3240 1944(60% of 3240) 1944 total units 21600 20304 20304 costs given 410400$ 365472 equivalent units 20304 20304 units costs 20.212 18